Leading Internet portal worth $70m

2004-01-08

Prokom Internet, which is controlled by the Prokom group, has announced that it sold its shares in Wirtualna Polska (WP) to the portal's major shareholder TP Internet (TPI), controlled by TP SA. The 21.57% stake was purchased for $14.7m (PLN 54m), what allows estimating the total value of the portal at around $70m (PLN 260m). In separate transactions, basing on the similar conditions, TPI purchased other WP shares from Transcontinental Fund (3% stake) and Ryszard Krauze (one share), what brought TPI's stake in WP up to 80.46%.
In a separate statement, Prokom has announced that it has signed a letter of intention with TP SA to manage several IT projects within the TP SA group in 2004.